S&P: Coffeyville developing

Standard & Poor's said it affirmed its B+ corporate credit rating on Coffeyville Resources LLC and revised the outlook on the rating to developing from stable.

The agency said it also affirmed its BB rating on the first-lien senior secured notes and its B+ rating on the second-lien senior secured notes.

According to S&P, Coffeyville Resources' indirect parent CVR Energy Inc. received an unsolicited takeover offer from Icahn Partners LP.

The agency said any rating action depends on the outcome of Icahn's efforts to realize value ķeither negatively by leveraging CVR or selling it to a weaker company, or positively by selling it to a larger, higher rated company.

If the hostile takeover does not go through, S&P said it could raise the ratings if it believes management is committed to maintaining the company's current financial policy and to maintaining a debt to EBITDA ratio below 2x on a sustained basis.

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